Thursday, March 31, 2011

KLCI ends 1Q up 1.73pct, boost from Tenaga, Genting

KUALA LUMPUR: Blue chips ended the first quarter, Thursday, March 31 on a firm note, supported by fund buying of Tenaga and Genting, enabling the FBM KLCI to end a volatile period on a firm note.

During the first quarter, the FBM KLCI surged to a record high of 1,574 on Jan 17 and then slumping as foreign funds exited, further aggravated by the surge in oil prices, Middle-east crisis and the Japan earthquake.

The 30-stock index rose 13.5 points on Thursday to close at 1,545.13, which was a 10-week high since Jan 21, and it is up 1.73% year-to-date. Turnover was 1.95 billion shares valued at RM2.56 billion. Decliners beat advancers 481 to 391.

Key Asian markets ended the day higher except for China markets. Japan's Nikkei 225 rose 0.48% to 9,755.10; Hang Seng Index 0.32% higher at 23,527.52, Taiwan's Taiex Index 0.43% at 8,683.30 while Singapore's Straits Times Index inched up 0.12% to 3,089.95.

However, investors are expected to wary in the second quarter as earnings would be impacted from the turmoil, with exporters seeing slower growth following the Japan earthquake. As for Malaysia, China has replaced Japan as its major trading partner.

Light crude oil jumped US$1.18 to US$105.46 while crude palm oil third-month futures added RM26 to RM3,338 per tonne. The ringgit was quoted at 3.0253 to the US dollar.

Among the 30 stocks of the FBM KLCI, Genting rose 42 sen to RM11.04 and pushed the index up 3.66 points while Tenaga gained 19 sen to RM6.25, adding another 2.42 points to the index. IOI rose seven sen to RM5.76 and Petronas Dagangan 90 sen to RM16.50, pushing the index up by 1.10 points and 0.84 point.

Banks also racked up some gains, with HL Bank rising 30 sen to RM9.85, AMMB eight sen to RM6.49, Public Bank and CIMB four sen each to RM13.12 and RM8.20 while Maybank eked out three sen to RM8.96.

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